BUCHAREST, March 27 (Reuters) - Romanian state-owned chemical plant Oltchim OLTC.BX will invest roughly 500 million euros ($670 million) by 2012, mainly on acquisitions, upgrades and boosting production, the economy ministry said on Friday.
The company, which plans to borrow the cash, has asked the government to guarantee 80 percent of the loans. European Union state Romania will wait for EU approval before issuing guarantees, the ministry said.
Oltchim had long-term debt of 637 million lei ($201 million) at the end of 2008.
Its investment plans includes buying the Arpechim petrochemical refinery from the country's top oil and gas group Petrom SNPP.BX, owned by Austria's OMV (OMVV.VI).
On Friday, Oltchim shares traded 2.4 percent up on the day at 0.1720 lei, compared with a year low of 0.1090 hit on March 2.
Two Romanian interior ministry officials arrested for corruption
BUCHAREST, Romania -- Police arrested four people on Wednesday (March 25th), including two Interior Ministry officials and a wealthy businessman, for alleged participation in shadowy real estate deals in 2000, anti-corruption prosecutors announced. The two ministry officials are charged with trying to block an investigation into these deals, which involved businessman Gabriel Popoviciu and former rector of Bucharest's Agronomy University, Ioan Alecu. The land in question is 220 hectares in Baneasa, a wealthy suburb of Bucharest. The land is worth hundreds of millions of euros, but the buyers only paid 82,000 euros. One of the most ambitious projects in Romania's real estate market is built on the plot. The project, initiated by Popoviciu, is worth 1.5 billion euros. (Curierul National, BusinessStandart, Gandul - 26/03/09; AFP - 25/03/09)
Romania, Latvia and Estonia could get new EU funding
Romania, Latvia and Estonia could all be in for extra funding after the EU agreed a package aimed at supporting non-eurozone countries.
Under the terms of a deal thrashed out by political leaders in Brussels, member states who have not adopted the single currency will be able to draw on a pool worth €50 million (£47 million) if they appear to be close to defaulting on their public debt.
As well as this, the politicians agreed to increase the amount of cash offered to the International Monetary Fund (IMF).
British prime minister Gordon Brown said: "We've agreed the balance of payment support of €50 billion, we've agreed to support the IMF with loans of up to around $100 billion (£69 billion) as well as agreeing our own €5 billion fiscal package."
Recently, Reuters reported that Romanian president Trainan Basescu has revealed that the country is looking to take a €20 million loan from the IMF and EU in order to help it through the economic downturn.
Under the terms of a deal thrashed out by political leaders in Brussels, member states who have not adopted the single currency will be able to draw on a pool worth €50 million (£47 million) if they appear to be close to defaulting on their public debt.
As well as this, the politicians agreed to increase the amount of cash offered to the International Monetary Fund (IMF).
British prime minister Gordon Brown said: "We've agreed the balance of payment support of €50 billion, we've agreed to support the IMF with loans of up to around $100 billion (£69 billion) as well as agreeing our own €5 billion fiscal package."
Recently, Reuters reported that Romanian president Trainan Basescu has revealed that the country is looking to take a €20 million loan from the IMF and EU in order to help it through the economic downturn.
Time Warner Goes Euro, Buys CME Stake
Time Warner has gone old-school of sorts--buying a stake in CME, the 15-year old broadcasting company with interests in Central and Eastern Europe. Time Warner's investment comes to $241.5 million--or a 31% interest in CME, Central European Media Enterprises. For that investment, Time Warner also gets to place two members on CME's board of directors.
As part of the deal, Warner Bros. and CME have also announced a partnership to launch more TV channels in the region. Time Warner has said for some time that it wants to expand its international TV channel business.
The good news for Time Warner is that it is buying the company at near its historically low stock price--$7.50--around eight times cash flow (earnings before interest taxes, depreciation, and amortization). CME, like most other broadcasters around the world, has been hurt by slowing ad revenues.
CME broadcasters go to 22 countries, including stations in Bulgaria (TV2 and Ring TV), Croatia (Nova TV); Czech TV (TV Nova, Nova Cinema and NovaSport); Romania (Pro TV and Pro TV International, Acasa, Pro Cinema, Sport.ro and MTV Romania); Slovakia (Markiza), Slovenia (Pop TV, Kanal A) and Ukraine (Studio 1+1 International and Kino).
CMEs's European footprint covers 97 million people. CME was started in 1994 by Ronald Lauder, its chairman.
As part of the deal, Warner Bros. and CME have also announced a partnership to launch more TV channels in the region. Time Warner has said for some time that it wants to expand its international TV channel business.
The good news for Time Warner is that it is buying the company at near its historically low stock price--$7.50--around eight times cash flow (earnings before interest taxes, depreciation, and amortization). CME, like most other broadcasters around the world, has been hurt by slowing ad revenues.
CME broadcasters go to 22 countries, including stations in Bulgaria (TV2 and Ring TV), Croatia (Nova TV); Czech TV (TV Nova, Nova Cinema and NovaSport); Romania (Pro TV and Pro TV International, Acasa, Pro Cinema, Sport.ro and MTV Romania); Slovakia (Markiza), Slovenia (Pop TV, Kanal A) and Ukraine (Studio 1+1 International and Kino).
CMEs's European footprint covers 97 million people. CME was started in 1994 by Ronald Lauder, its chairman.
Teenage girl offers her virginity in online auction
Equating to little more than the seedy flicking on of a red light in a virtual window or loitering with intent at an online street corner, a young Romanian girl is offering her medically certified virginity to anyone willing to pay for her college education.
More pointedly, student-in-waiting Alina Percea (18) from Caracal in Olt county has posted a controversial advert to German-language adult site gesext.de, in which she states she is willing to provide a weekend of unprotected sex in return for a winning bid of €50,000.
As incentive to hopefully reach the amount required to help pay her through college, the attractive brunette is also keen to stress that she has an official gynaecologist’s certificate that proves she has not yet lost her virginity.
“I want my first time to be special and not very abrupt,” says Miss Percea in the advert. “The winning bidder can spend a whole weekend with me provided he will cover all the expenses in case I need to travel or stay in a hotel.”
Outlining that she wants “to meet a gentle, respectful and generous man,” the winning bidder will also have to provide documented proof that he’s clear of disease if he wants to sidestep the use of contraception.
Somewhat surprisingly, the advert also indicates that Miss Percea is looking beyond the gains associated with higher education and is even harbouring hopes that her weekend rendezvous might eventually lead to marriage.
Claims of thinly veiled prostitution aside, current bids have so far fallen some way short of the €50,000 winning (bed) post, with €5,000 presently the leading bid with less than two days left before the auction closes.
For those interested in learning a little more about Miss Percea, the online ad describes her as 108lbs, 5’7” tall, brown-eyed, and a non-smoker – it makes no mention of her self-esteem.
More pointedly, student-in-waiting Alina Percea (18) from Caracal in Olt county has posted a controversial advert to German-language adult site gesext.de, in which she states she is willing to provide a weekend of unprotected sex in return for a winning bid of €50,000.
As incentive to hopefully reach the amount required to help pay her through college, the attractive brunette is also keen to stress that she has an official gynaecologist’s certificate that proves she has not yet lost her virginity.
“I want my first time to be special and not very abrupt,” says Miss Percea in the advert. “The winning bidder can spend a whole weekend with me provided he will cover all the expenses in case I need to travel or stay in a hotel.”
Outlining that she wants “to meet a gentle, respectful and generous man,” the winning bidder will also have to provide documented proof that he’s clear of disease if he wants to sidestep the use of contraception.
Somewhat surprisingly, the advert also indicates that Miss Percea is looking beyond the gains associated with higher education and is even harbouring hopes that her weekend rendezvous might eventually lead to marriage.
Claims of thinly veiled prostitution aside, current bids have so far fallen some way short of the €50,000 winning (bed) post, with €5,000 presently the leading bid with less than two days left before the auction closes.
For those interested in learning a little more about Miss Percea, the online ad describes her as 108lbs, 5’7” tall, brown-eyed, and a non-smoker – it makes no mention of her self-esteem.
New Romania Opposition Chief Vows Victory
The new leader of Romania's main opposition party, Crin Antonescu, has said his main task is to rally his centre-right Liberal Party (PNL) to take on Traian Basescu who is expected to run in the presidential election later this year.
"My mission is to represent liberal values in the future presidential elections. Whoever will be PNL candidate, he or she has to beat the current President, who is a real strong competitor," Crin Antonescu said after he was elected as the new president of Liberal Party.
Antonescu, 50, replaced former Romanian Prime Minister Calin Popescu Tariceanu, who had led the Liberal Party since 2004 and was prime minister for four years until 2008 when the party lost the general elections.
After winning the party leadership during the weekend, Crin Antonescu will be designated as the party’s candidate in the presidential election later this year, reports said.
Traian Basescu, 58, is the current President of Romania, after winning office in the 2004 presidential election.
"My mission is to represent liberal values in the future presidential elections. Whoever will be PNL candidate, he or she has to beat the current President, who is a real strong competitor," Crin Antonescu said after he was elected as the new president of Liberal Party.
Antonescu, 50, replaced former Romanian Prime Minister Calin Popescu Tariceanu, who had led the Liberal Party since 2004 and was prime minister for four years until 2008 when the party lost the general elections.
After winning the party leadership during the weekend, Crin Antonescu will be designated as the party’s candidate in the presidential election later this year, reports said.
Traian Basescu, 58, is the current President of Romania, after winning office in the 2004 presidential election.
Romania: Labor Minister: Jobless number might hit 800,000 by year-end
Bucharest, March 23 /Agerpres/ - The number of Romania's unemployed might hit 800,000 by the end of the current year, by 200,000 - 300,000 more than estimations, Minister of Labor, Family and Social Protection Marian Sabu said on Monday.
'I hope for negotiations with the International Monetary Fund to carry on well for us to be able to handle the most vulnerable categories of the population with special attention,' said Marian Sarbu.
The Labor Ministry's budget will be supplemented by RON 500 million, said Minister Sarbu. The extra amount will be spent for unemployment benefits.
'I hope for negotiations with the International Monetary Fund to carry on well for us to be able to handle the most vulnerable categories of the population with special attention,' said Marian Sarbu.
The Labor Ministry's budget will be supplemented by RON 500 million, said Minister Sarbu. The extra amount will be spent for unemployment benefits.
Crin Antonescu elected new leader of Romania's PNL
BUCHAREST, Romania -- Former Prime Minister Calin Popescu Tariceanu lost the leadership of the National Liberal Party (PNL) at an extraordinary party congress held on Friday (March 20th). PNL deputy leader Crin Antonescu was elected as new leader and will be designated PNL's candidate in the presidential elections later this year. Tariceanu had led the party since 2004.
Delhaize Group's Mega Image subsidiary to acquire four supermarkets in Romania
Belgian food retailer Delhaize Group has entered into an agreement to acquire four stores operated under the banner Prodas Holding Supermarket in Bucharest, through its fully owned subsidiary Mega Image.
According to Delhaize Group, for 2008, it is estimated that the revenues of the four acquired stores amounted to more than E12m. The four stores, which have a size of 400 to 750 square meters, will be converted to Mega Image supermarkets.
The acquisition of the four Prodas Holding Supermarket stores is subject to the customary conditions, including the approval by the Romanian antitrust authorities. The transaction is expected to close in the third quarter of 2009.
Xavier Piesvaux, general manager of Mega Image, said: "This transaction fits perfectly into Mega Image's strategy of growing via well-located stores in urban areas. The four Prodas Holding Supermarket stores will strengthen our store network. We also expect sales opportunities and buying synergies from this acquisition."
Delhaize Group is a Belgian food retailer with operations in seven countries on three continents. Delhaize Group acquired a 51% stake in Mega Image in 2000. In 2004, Mega Image became fully-owned by Delhaize Group.
According to Delhaize Group, for 2008, it is estimated that the revenues of the four acquired stores amounted to more than E12m. The four stores, which have a size of 400 to 750 square meters, will be converted to Mega Image supermarkets.
The acquisition of the four Prodas Holding Supermarket stores is subject to the customary conditions, including the approval by the Romanian antitrust authorities. The transaction is expected to close in the third quarter of 2009.
Xavier Piesvaux, general manager of Mega Image, said: "This transaction fits perfectly into Mega Image's strategy of growing via well-located stores in urban areas. The four Prodas Holding Supermarket stores will strengthen our store network. We also expect sales opportunities and buying synergies from this acquisition."
Delhaize Group is a Belgian food retailer with operations in seven countries on three continents. Delhaize Group acquired a 51% stake in Mega Image in 2000. In 2004, Mega Image became fully-owned by Delhaize Group.
IMF “insists” on 4% contraction of Romanian economy
International Monetary Fund “insists” on a 4% contraction of Romanian economy, at a 2-6% budget deficit assumption, most likely to hover around 3.5% and 4% of GDP, said the chairman of BNS, Dumitru Costin at the end of the meeting with IMF officials.
IMF “insists” on 4% contraction of Romanian economy “IMF ‘insists’ on -4% economic growth, as the economy still has much to suffer from crisis. The current situation is unprecedented and the solutions will not be the classical ones”, said Dumitru Costin
n their -4% economic growth assumption, the representative of the international institution considered the international gloomy context, which led to sharp fall in exports, and poor infrastructure, but also the resilience of the Romanian banking system, unlike in other crisis-hit countries.
BNS president said “there will be no traditional measures like we were used to so far, as the context is different. They will be more flexible”.
“When we asked about the monetary policy, IMF representatives said they would leave more room for maneuver to the National Bank of Romania and to the government. Policies will not be as tight as before”, Dumitru Costin added.
IMF “insists” on 4% contraction of Romanian economy “IMF ‘insists’ on -4% economic growth, as the economy still has much to suffer from crisis. The current situation is unprecedented and the solutions will not be the classical ones”, said Dumitru Costin
n their -4% economic growth assumption, the representative of the international institution considered the international gloomy context, which led to sharp fall in exports, and poor infrastructure, but also the resilience of the Romanian banking system, unlike in other crisis-hit countries.
BNS president said “there will be no traditional measures like we were used to so far, as the context is different. They will be more flexible”.
“When we asked about the monetary policy, IMF representatives said they would leave more room for maneuver to the National Bank of Romania and to the government. Policies will not be as tight as before”, Dumitru Costin added.
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